October 17, 2009 / 8:20 AM / 10 years ago

Sony Ericsson CEO says firm profitable in 2010-paper

STOCKHOLM, Oct 17 (Reuters) - Sony Ericsson (ERICb.ST) (6758.T), the world’s fifth biggest mobile phone maker, should return to profitability next year, daily Dagens Industri quoted the firm’s new top executive Bert Nordberg saying on Saturday.

“The goal is to be profitable next year,” Nordberg told the paper.

“If the market continues to stabilise and we are successful with our new products, we will profitable next year,” he said, adding that new cost cuts, in addition to a programme aimed at saving 880 million euros ($1.3 billion), would be launched in 2010.

On Friday, the company, owned by Sweden’s Ericsson and Japan’s Sony Corp, posted a smaller-than-expected third-quarter pretax loss of 199 million euros boosted by cost cuts and improving margins.

After several quarters of steep losses, hurt by the global economic recession and falling market share, analysts believe the company’s turnaround plan will see it back in the black in 2011, the paper said. (Editing by Alex Richardson)

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